2014-2015 Annual Report - Nishnawbe Aski Development Fund

ANNUAL REPORT
2014-2015
Supporting Aboriginal Success
www.nadf.org
Table of Contents
Who we are 4
Board & Staff 5
Milestones 6
Message from the Chair 8
Executive Director’s Message 9
Loans & Community Futures 10
Aboriginal Business Contribution Program 12
Micro Lending
14
Special Initiatives 15
Nishnawbe Maajijikaywin 16
Comprehensive Community Planning 18
NADF Business Awards 19
Human Resources 20
Finance & Administration 21
Audited Financial Statements, Excerpts 22
WHO
WE ARE
OUR CLIENTS
OUR PARTNERS
OUR SERVICES
•
•
•
•
•
•
•
•
Business support services
Business plan guidance
Business financing
Grant financing
Appraisal services
Resource advisory services
Micro-lending
Comprehensive
Community Planning
• Financial support services
- Bookkeeping training
- Community initiative grants
- Equity assistance grants
•
•
•
•
INAC
FedNor
NACCA
Ministry of Training,
Colleges and Universities
• Ontario Women’s Directorate
• ONWA
• NOHFC
OUR LOCATIONS
Nishnawbe Aski Development Fund’s
Head Office is located on the Fort
William First Nation, ON and two
branch offices are strategically
located in the cities of Thunder
Bay, ON and Timmins, ON.
Nishnawbe Aski Development Fund
provides commercial financing,
lending and business support
services to Aboriginal entrepreneurs
to establish, expand or acquire a
business in remote, rural and urban
communities in Northern Ontario,
including Nishnawbe Aski Nation
(Treaty #9 and Ontario portion of
Treaty #5), Robinson-Superior 1850
Treaty and Treaty #3.
• Aboriginal entrepreneurs
(18 years and older)
• Status (on or off-reserve)
• Métis
• Majority Aboriginal-owned
businesses
• Aboriginal organizations
• First Nations
ABOUT US
OUR MISSION
OUR VISION
Incorporated in 1984, Nishnawbe
Aski Development Fund (NADF) is a
non-profit wholly-owned Aboriginal
organization supporting Aboriginal
business and economic development
in Northern Ontario.
To advance the well-being of
Aboriginal people in northern
Ontario through business and
economic development.
Aboriginal
Prosperity
Page 04 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
BOARD & STAFF LISTING
(as of August 2015)
Board of Directors
Arlene Jung, Chairperson
Shawn Batise, Vice Chairperson
Aaron Kakepetum, Secretary & Treasurer
Adam Fiddler
Derek Fox
Frank MacDiarmid
Gary Beardy
Jason Rasevych
Albalina Metatawabin
Members
Russell Wesley
Lillian Suganaqueb
Travis Boissoneau
Ex-Officio
Deputy Grand Chief Les Louttit
Heather Garlow-Saul
Giuseppe Buoncore
Wawakapewin First Nation
Matachewan First Nation
Keewaywin First Nation
Sandy Lake First Nation
Bearskin Lake First Nation
Thunder Bay, ON
Muskrat Dam First Nation
Ginoogaming First Nation
Fort Albany First Nation
Cat Lake First Nation
Webequie First Nation
Garden River First Nation
Nishnawbe Aski Nation
INAC/ABDP
FedNor
NADF Staff
Executive
Brian Davey, Executive Director Dawn Willoughby, Executive Assistant
Loans
Kimberley Bird, CPA, CMA, Loans Manager
Charlton Thompson, CPPA, Senior Account Manager
Abby Robinson, Business Development Consultant
Linda McGuire, Microloans Coordinator
Karen Shalley, Account Manager
Lucille Iserhoff, Loans Administrative Assistant
Aboriginal Business Contribution Program (ABCP)
Community Futures Development Corporation (CF)
Kimberley Bird, CMA, Loans Manager
Cory Robin, Business Development Officer (ABCP)
Shirley Degrechie, Finance Officer (ABCP)
Lorraine Whitehead, Business Development Officer (ABCP/Loans)
Sandra Williams, Business Support Officer (CF)
Melanie Harding, M.A. (Planning), Senior Community Planner
Marketing and Communications
Dawn Willoughby, Executive Assistant
Brittany Millard, Marketing and Communications Assistant Intern
Ryan Choi, Web Developer and Graphic Designer
Financial Support Services
Lloyd Wabigwan, CPA, CMA, Manager
Johnathan Beardy, Bookkeeper
Nishnawbe Maajijikaywin
Dan Paradis, Senior Project Manager
Tracey Willoughby, BIO Project Coordinator
Anna Deminski, Due Diligence Analyst
Wendy McKay, Youth Project Coordinator
John Gagnon, Youth Entrepreneurship Event Coordinator
Lucy Percy, Administrative Assistant
Resource Sector Advisory Services
Denise Hardy, Special Initiatives Advisor
Finance and Administration
Mari Bishop, CPA, CA, Finance Manager
Millie Carpenter, Human Resources Manager
Liesa Wynn, Finance Officer
Karen MacDougall, Finance and HR Assistant
Samanda Anderson, Receptionist/Administrative Assistant
Business Information Officers (BIOs)
Jeff Gagnon, BIO Aroland FN
Vanessa Ineese, BIO Constance Lake FN
Matthew Sofea, BIO Nibinamik FN
Jason Donio, BIO Whitesand FN
Adrienne Okeese, BIO Marten Falls FN
Michael Whitehead, BIO Eabametoong FN
Laureen Kahgee, BIO Ginoogaming FN
Travis Spence, BIO Webequie FN
Hailey Finlayson, BIO Long Lake 58 FN
Miranda Quisses, BIO Neskantaga FN
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 05
MILESTONES 1984-2015
1984
NAN Chief’s Resolution
passed mandating
the establishment of
NADF.
NADF established as a
corporation.
1985
Frank Price &
Associates hired
to complete a
feasibility study on
NAN communities.
1986
Bentley Cheechoo
hired as NADF’s first
President/CEO.
1987
NADF opens an office
on the Fort William First
Nation.
1989
Dennis Franklin
Cromarty hired as
President/CEO.
NADF receives $7M in
capitalization.
NADF hosts official
opening ceremonies.
‘Loan Guarantee
Program’ established in
partnership with CIBC
and Bank of Nova
Scotia to increase
loan maximum to
$250,000 for the
NAN membership.
2015
2014
$2.5M Ministry of
Aboriginal Affairs
funding for a three
year project under the
Aboriginal Economic
Development Fund
(AEDF), to support
Business Financing
and Community
Economic Grants.
$4.4M FedNor funding
for a 3-year project
to enhance NADFs
programs and services
to support business
development and
opportunities
related to mining
development;
particularly the
Ring of Fire.
NADF begins
administering the
Aboriginal Business
Contribution Program.
Page 06 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
2013
Brian Davey hired as
Executive Director.
2011
NADF and Lac Seul
First Nation formalize
partnership to initiate
micro-loan fund.
NADF hosts two
inaugural events:
“Mining Ready
Summit” and
“Strategic Mineral
Exploration and
Mining Training
Course.”
NADF moves back to
Anemki Drive, Fort
William First Nation.
2010
NADF co-hosts the 17th
Annual OACFDC
Conference with
Thunder Bay Ventures
and is the recipient of
“2010 Award of
Excellence” for
outstanding video
conferencing series.
NADF hosts its “20th
Annual NADF Business
Awards” in Thunder
Bay.
1991
NADF hosts the “1st
Annual NADF Business
Awards” in Thunder
Bay.
1992
Industry Canada tops
up NADF’s loan fund
with an additional
$1.5M.
“Direct Loans
Program” introduced,
allowing NADF to
administer term, bridge
and youth loans.
2009
NADF celebrates
25th Anniversary.
2007
NADF hosts 1st Annual
“Fairways for the
Future Charity Golf
Classic.”
1993
Harvey Yesno hired as
President/CEO.
1994
NADF opens sub-office
in Timmins, ON.
NADF partners with
Industry Canada and is
designated an External
Delivery Office (“XDO”)
and begins delivering
the programs and
services of the
Aboriginal Business
Canada program.
2005
NADF relocates to 106
Centennial Square,
2nd Floor in the City
of Thunder Bay.
2004
Aboriginal Financial
Institutions (AFI’s)
across Canada,
including NADF,
reach the $1 billion
milestone for total
loans disbursed.
1997
“Neegani Investment
Management Inc.”,
a subsidiary of NADF,
is established to
provide equity and
conventional financing
of up to $1M, allowing
Aboriginal entities
to participate in joint
ventures.
2002
NADF receives designation as a “Community Futures
Development
Corporation”
(CFDC) and begins
providing business
counselling,
investment and
community strategic
planning services to
NADF’s clients.
NADF relocates to
Anemki Drive, Fort
William First Nation.
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 07
Message from the Chair
Arlene Jung, Board Chair
On behalf of the
Nishnawbe Aski
Development Fund
Board of Directors, I am
pleased to present the
2015 Annual Report
which will showcase
highlights from NADF’s
activities and performance
over the past year. I invite
you to read through the
reports to learn more about
our programs and services,
and the work that NADF
does to support Aboriginal
business and economic development in Northern Ontario.
I would like to take this opportunity to introduce you to the
roles and responsibilities of the Board of Directors who act as
a governing body for the corporation. The role of the Board
is to ensure that all aspects of the organization are consistent
with its Mandate, Vision, and Mission. The Board is responsible
for overall policy decisions, approval of operating budgets and
major expenditures, and delegating responsibility for the dayto-day operations of the organization to our Executive Director,
Brian Davey. The Board is actively involved in loan and equity
decisions.
November 2014 marked 27 years of continual operations in
providing business and economic development services for the
organization. Over the years, we have seen a noticeable change
and growth in the level of Aboriginal participation in business
and economic development activities and I cannot help but be
reminded of the many people who have supported NADF over
the years: Our many partners, whose confidence in our abilities
has helped us to continually grow and succeed; Our resourceful,
dedicated and passionate staff whom are committed to the
delivery of our services; our Board of Directors, who provide
expert guidance and direction. Together, we have contributed
to the success of NADF and to the development and growth of
Aboriginal business in Northern Ontario. By continuing to work
together, we will all help create a stronger Northern Ontario
economy. As we move forward, we look forward to establishing
new partnerships to enhance and expand on our service
delivery.
Page 08 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
In closing, I would like to mention that our services are available
to all Aboriginal entrepreneurs, businesses, and First Nation
communities in Northern Ontario, and I invite you to call us to
find out how we can help you grow and nurture your business.
On behalf of the Board of Directors, thank you for taking the
time to read our report.
Meegwetch!
Arlene Jung
Board Chair
Message from the Executive Director
Brian Davey, Executive Director
Welcome to Nishnawbe Aski
Development Fund (NADF)’s
2015 Annual Report. The
reports contained herein
will share the highlights
from April 1, 2014 to March
31, 2015. I would like to
mention some notable
accomplishments that we
at NADF have achieved over
the past year.
Loans
As of March 31, 2015
we have actual loan
disbursements of $2,441,316 which represents a 6.82% increase
over last year’s actual loan disbursements of $2,285,505.
Despite a weak winter road season from a loans perspective we
still managed to beat last year’s loan disbursement level.
Ontario Aboriginal Economic Development Fund
(AEDF)
In this fiscal year NADF was chosen as one of the successful
candidates to deliver the Ontario Aboriginal Economic
Development Fund in northern Ontario. The agreement calls
for NADF to administer the delivery of $2.5 million dollars over
3 years for Financial Support Services to clients, repayable loans
and small business grants and community grants related to
economic development.
Aboriginal Business Contribution Program (ABCP)
During this reporting period, NADF was selected as the delivery
agent for the Aboriginal Business Contribution Program
(ABCP) a.k.a Aboriginal Business Financing Program (ABFP)
by the National Aboriginal Capital Corporation Association
(NACCA). The purpose of the ABCP is to provide equity for
business startups and acquisitions. As a condition to becoming
the agent for northern Ontario we signed a Memorandum of
Understanding (MoU) with Rainy Lake Tribal Area Business and
Financial Services Corporation, Wakenagun Community Futures
Development Corporation and Metis Voyageur Development
Fund Inc. to deliver the program in their respective areas.
The total program is $1,561,977 most of which will be
distributed as equity to clients and the program is slated to start
in F16. Official agreements with INAC, NACCA and NADF are still
in the process of being finalized.
Staff Awards and Recognition System
We are pleased to announce we have launched our Staff Awards
and Recognition System in this fiscal year. We have five awards:
the Innovation of the Year Award, the Employee of the Year
Award, the Millie Award, the Discretionary Effort Award and
the Team Award. The aggregate total of the awards is $12,000.
The first winners will be announced during our Holiday Season
Dinner in December 2015.
Outlook Going Forward
We are excited about getting our new services and products off
the ground with the Ontario Aboriginal Economic Development
Fund (AEDP) and the Aboriginal Business Contribution Program
(ABCP). We believe many clients will benefit from these services
and products. We also look forward to holding two new events;
the Forestry Trade Show and Conference in April 2015 and the
Digital Media Summit in February 2016. The Forestry industry
has been in the doldrums for a long time but there appears to
be recovery that is taking hold. The Forestry Trade Show and
Conference is hoping to capitalize on this resurgence in the
industry. In regards to the Digital Media Summit we see this as
a new exciting area to get involved in and help businesses grow
by using new tools related to Social media and other online
technologies for expanding their business.
We thank the board for their continuous support and guidance
to the organization and the staff for their hard work and
dedication to making it all happen in accomplishing our mission
and vison.
Meegwetch!
Brian Davey
Executive DIrector
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 09
Loans & Community Futures
Kimberley Bird, CPA, CMA, Loans Manager
Nishnawbe Aski
Development Fund
(NADF) had a strong
performance year, ending
with thirty-nine (39) loans,
totalling $2,441,316 in
disbursements. This
includes loans approved in
the prior fiscal year. This activity and growth is
credited to a combination
of factors, including an
upswing in the forestry and
mining industry, an increased
interest in business
development in our remote
communities, and having a dedicated team at NADF.
NADF services eighty-nine (89) First Nations in Northern Ontario.
Since July 2002, NADF was designated as a Community Futures
Development Corporation (CFDC) from FedNor. Under this
designation NADF provides programs and services to thirty-three
(33) First Nation communities in northern Ontario. (For a full list of communities serviced under the CF Agreement
visit www.nadf.org).
As we implement efficiency processes throughout the year, we
have determined that our average turn-around time for a loan
approval is 23 business days. We generally state 4-6 weeks as a
general turnaround time for loan applications.
We have received comments from a few applicants, who state
that NADF does a good amount of promotion, however, is
lacking in doing follow-up with program enquiries. In F2016, We
will be making a concerted effort to do mandatory follow-up on
enquiries made to NADF.
Leasing
There was no leasing activity in F2015.
Enhanced Access Loans
The actual loans and fees approved for the Robinson
Superior- Treaty 3 area this year totalled $506,785. The loans
supported a coffee franchise, an automotive parts store,
a confectionary store, and a construction company. The
Enhanced Access loans can be accessed to a maximum amount
of $250,000 per applicant. Funds for Enhanced Access loans
are approved and advanced by the National Aboriginal Capital
Corporation Association (NACCA).
LOAN ACTIVITY
LOANS APPROVED
LOANS APPROVED
Figure 2: F2016 Targets
F2015
F2014
F2013
36
30
8
$2,509,468
$2,497,508
$588,077
$755,000
Enhanced Access - NACCA
$500,000
Youth Loans
Community Future Loans
Micro Loans
Aboriginal Economic Devlopment Fund
LOANS DISBURSED
QTR 1 (Apr 1-Jun 30)
$183,835
$676,747
$110,884
QTR 2 (Jul 1-Sep 30)
$617,118
$263,104
$260,071
QTR 3 (Oct 1-Dec 31)
$729,447
$753,190
$181,747
QTR 4 (Jan 1-Mar 31)
$910,916
$592,464
$30,365
$2,441,316
$2,285,505
$583,067
Created
47
18
7
Maintained
85
37
27
TOTAL JOBS
132
55
34
LOANS DISBURSED
Regular Loan Fund
JOBS STATS
Overall, In F2015, our loans funds assisted with 8 (eight)
Business Start-Ups, 11 (eleven) Business Expansions
and 7 (seven) Businesses Maintained.
Page 10 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
TOTAL LOAN TARGET
$60,000
$1,500,000
$12,000
$600,000
$3,427,000
COMMUNITY FUTURES
DEVELOPMENT CORPORATION (CFDC)
NADF completed the 1st year of a three
(3) year funding agreement, which ends
March 31, 2017. In addition to a $320,000
annual operating budget, the agreement
focuses on three areas:
1. Community-based economic development
2. Business advisory services
3. Investment fund
In F2015, eleven (11) CFDC loans were
disbursed, totalling $1,006,389. The CFDC
loans disbursed were for tourism outfitter,
transportation business, a gas station and
convenience store, fuel inventory and heavy
equipment acquisitions. The CFDC loan target
for F2015 was $1,300,000. We reached 77%
of our target.
Aboriginal Economic
Development Fund,
Ministry of Aboriginsl Affairs, Jan 2015
Individual Equity Assisitance
& Community Grants
Local & Regional Grants (nonrepayable)
$10,000 maximum
Building Capacity
Books & Policy Development
No Fee, Covered by AEDF
Building Capacity
Seed & Early Stage
$100,000 max (repayable)
Expansions
$100,000 max (repayable)
Acquisitions
$100,000 max (repayable)
Figure 3: F2015 Targets and Results for CFDC Loans
Target
Q1
Q2
General Inquiries
150
24/73
22/95
In Depth Interviews
130
20
22
20
25
87
Business Start-Ups
6
0
0
1
1
2
Assisted - # Maintained
6
2
1
3
6
Business Expansions
6
2
1
Jobs Created
17
2.5
0
3
2
7.5
Jobs Maintained
9
9
7
0
23
39
Total Funds Leveraged
(Owner & 3rd Party)
$1,885,000
Q3
Q4
18/49 25/114 89/331
3
$317,539 for 11 businesses within
our 33 CF communities.
* General Inquiries = CF Enquiries/Total Enquiries
EXCITING NEW SERVICES AT NADF!
Just in time to brighten up our long winter of 2014, we received timely news.
NADF was successful in its proposal to the Ministry of Aboriginal Affairs for a
$2.5M project which will focus on business capacity building for Aboriginal
businesses (training specifically with book keeping and policy making) and
non-repayable community grants to pursue local and regional business
development.
NADF recognizes the need to enhance community-level economic development,
by offering no cost business support in the form of bookkeeping training,
bookkeeping set-up, on-going support through mentorship and regular
access with a Certified Professional Accountant and Bookkeeper.
Individuals, First Nations, Aboriginal organizations and tribal councils, who want
to build or expand their own policies and operating and processes are encouraged
to apply. By offering services at no cost, we are enhancing Aboriginal communities’
and businesses’ ability to leverage other funding. A call for proposals will be sent
in spring of 2015.
Another aspect of the program includes repayable loan for new business,
expansions and acquisitions, which complement our existing loan products.
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 11
Aboriginal Business Contribution Program
Partner Delivery Program (PDP)
Our Partners:
•
•
•
•
INAC awarded the Partner Delivery Program Agreement to NADF on April 1, 2013 to deliver & administer the business equity program.
NADF completed its 2nd year of administering the program, although we have been delivering it for over 20 years.
NADF signed a MOU with three partners; Rainy Lake Business and Financial Services Corporation in Fort Frances, Wakenagun CFDC in Moose Factory and the Metis Voyage Development Fund, for joint participation on project screenings. Our partners’ logos have been added to our application forms.
Our F2015 budget was $1,298,860 for the EQUITY program and $297,362 for OPERATING. This was a reduction of 37% from
F2014. In F2014, we had been approved for $2M for CAPITAL +$532,549 for OPERATING.
Figure 4: ABCP F2015 Leveraging
ABCP
Contributions
Equity
Leveraged
Financing
Leveraged
Total $
Spent
Jobs
Maintained
Jobs
Created
F2012
$1,350,449
$1,666,671
$4,554,965
$6,221,636
9
74
F2013
$366,326
$155,411
$456,835
$612,246
12
17
F2014
$1,162,547
$584,967
$1,954,092
$2,539,059
27
52
F2015
$1,181,433
$592,021
$1,741,624
$2,333,645
21
(16FT& 5PT)
75
(45FT &30PT)
In F2015, the ABCP program aided in the creation of seventy-five (75) new jobs and maintained twenty-one (21) jobs in northern
Ontario. Job creation through entrepreneurship has a significant impact on our small communities who do not have a tax base to
support community programs and services. In short, the employment figures we captured reduced the number of people who may
be relying on social assistance.
The table below summarizes the quarterly activity relating to the Aboriginal Business Contribution Program (ABCP). The targets in the
last column were established by NADF and INAC in F2013.
Page 12 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
Figure 5: ABCP F2015 Activity
Q1
Q2
Q3
Q4
Total
Target
Program Inquiries
73
95
49
114
331
300
Applications Received
14
17
11
9
51
50
Screened Eligible
5
15
5
6
31
40
$623,326
$207,360
$292,333
$226,230
$1,349,249
$1,392,329
$0
$0
$638,958
$542,475
$1,181,433
*$1,392,329
ABCP $ Committed
ABCP $ Actual Disbursed
*Note- includes a $93,469 payment from F2014. The actual funding agreement for F2015 Capital was less, at $1,298,860.
Figure 6: ABCP’s Quarterly Performance
Target
Q1
Q2
Q3
Q4
Actual
Capital, Establish/Acquire
13
4
1
2
2
9
Capital, Expand
12
2
2
2
Marketing, Related Capital
8
2
3
1
2
8
Business Plans
6
0
6
3
3
12
Business Support
6
2
0
2
1
5
Stand Alone marketing
6
1
0
1
0
2
Monitoring
15
5
3
4
2
14
6
F2015 ABCP Cost Per Case
The targeted cost per case for ABCP in F2015 was $10,620 (based on 25 capital projects & 6 stand Alone marketing projects), however, this figure is based on all targets being met for the year. The cost per case is measured using the following formula:
Targeted Cost Per Case Formula
Cost Per Case = [Operational Budget / (Targeted Capital Projects + ½ of Targeted Stand Alone Marketing Projects)]
F2015 Targeted Cost Per Case
Cost Per Case:
= [$297,362/ (15 Capital Project + ½ of 2 Stand Alone Marketing Projects)]
= [$297,362 / (16)]
= $297,362/16 = $18,565
At March 31, 2015 – our actual cost per case was $18,565, over by $7,965 per project.
The reason, we funded several business plans which are not factored into the Cost Per Case.
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 13
Micro Lending
Kimberley
Lending
Circles
Bird, CPA, CMA, Loans Manager
The Lending Circles are funded by Ontario Women’s Directorate
and is a 2 year program ending February 24 2015.
The Micro Peer Lending Process - The goal of the program
was to reach Aboriginal women living within remote First
Nation communities in Northern Ontario and provide access to
microloans (ranging from $500 to $5,000). We have built-in an
Aboriginal aspect, by adapting the clan system as a guide to form
relationships and consensus among the women who want to
build a business together.
Stage
Loan
Term/Time Period
First
$500 - $1,000
12 Months
Second
$2,000
18 Months
Third
$3,000
24 Months
Fourth
$5,000
30 Months
•
We used a fixed interest rate of 8%, decided not to use
“Collateral and Credit Scores”
•
Our intent is to assist the women build their credit history,
to access our larger loans over $5,000
•
KPI Measures are: to have 32 women complete training and
(to have) 10 women access a micro loan
Highlights
Micro Loans Issued in F2015:
Gull Bay First Nation) established November 15, 2014
(4 circle members)
10 Hours of Business Planning Workshop
Each participant who completed the ten (10) hours of training
received a ‘Certificate of Completion’. Since August 1, 2014,
eight (8) First Nation communities were visited and a total of 30
individuals completed 10 hours of Business Planning training. Six
(6) of the participants were men, therefore we trained twentyfour (24) women. Although we focus our program on women,
we accept men who are willing to learn, provided we have room
and the women participants give us their approval.
1. Cat Lake First Nation – September 7-9, 2014
– with six (6) participants
2. Kasabonika First Nation – October 20-23, 2014
– with four (4) participants
3. Sandy Lake First Nation – November 3-5, 2014
– with one (1) participant
4. Webequie First Nation – November 24-26, 2014
– with seven (7) participants
5. Keewaywin First Nation – January 12-15, 2015
– with five (5) participants
6. Long Lake #58 – January 25, 2015
– with 3 (three) participants – did not complete 10 hours
7. Nibinamik First Nation (Summer Beaver) – February 2015
- with three (3) participants
8. Constance Lake First Nation – February 8-11, 2015
– with four (4) participants
Five (5) Loans:
Stage one – 2 loans $1,000
Stage two – 3 loans $2,000
Eight (8) Micro Clan Circles with 34 Circle members:
1. Biidaaban ‘A New Rising Circle’ from Lac Seul – Frenchmen
Head First Nation established January 14, 2014
(5 circle members)
2. “Women Moving Forward Circle” from FWFN established
March 5, 2014 (4 circle members)
3. “Oshki Ikway Circle” from Geraldton established
May 14, 2014 (3 circle members)
4. “Rose-Buds Circle” from Aroland First Nation established
July 22, 2014 (5 circle members)
5. “First Ladies Circle” from Cat Lake First Nation established
October 9, 2014 (5 circle members)
6. “Pay It Forward Circle” from Sandy Lake First Nation
established November 5, 2014 (4 circle members)
7. “Be Creative Circle” from Pic River First Nation established
November 12, 2014 (4 circle members)
8. “Catfish Clan Circle” from Thunder Bay (circle members from
Page 14 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
Rita Gray, Cat Lake First Nation member and Linda McGuire,
Micro Loans Co-ordinator. Rita is interested in starting a Bed
& Breakfast in her community. She is taking steps to realize
her vision by completing the micro-lending workshop, which
has given Rita a better understanding of how to put together a
business plan.
We hired a consultant on a short term basis to assist us in visiting
communities, holding workshops and to come up with some
recommendations on how we could improve our positioning in
the communities with our micro lending initiative.
Special Initiatives
Denise Hardy, Special Initiatives Advisor
Aboriginal Forum
Nishnawbe Aski
Development Fund in
partnership with the
Northern Mining Expo,
hosted the Aboriginal
Forum, May 29th, 2014
in Timmins, Ontario. The
Aboriginal Forum is a half
day networking event that
involves guest speakers who
share their experiences on
best practices and lessons
learned when building
successful partnerships or
joint ventures. The Aboriginal Forum included guest speakers
such as Kim Bird who presented NADF services that can assist
entrepreneurs and aboriginal businesses in reaching their
goals of a successful business. Other guest speakers included
Ron Basaraba, CEO of Creewest, and Bob Dickson, CEO of
Attawapiskat Resources Inc. Ron and Bob shared their insights
on how to build successful partnerships and joint ventures. Our
keynote speaker was Shawn Batise, Executive Director of Wabun
Tribal Council. Shawn described the importance of establishing
trusting relationships with First Nations and Industry and how
they can both benefit from this. The Aboriginal Forum was a fun
and exciting opportunity to meet new people.
Mining Ready Summit
The 4th Annual Mining Ready Summit was held October 28th
and 29th at the Valhalla Inn in Thunder Bay, Ontario. This year’s
Mining Ready Summit was a great success. We had 16 guest
speakers from all aspects in the field of Mining. The agenda
was designed for the participants to take back knowledge with
lessons learned and best practices to use when they are ready
to negotiate with a mining company or mining service provider
for a joint venture or partnership. Guest speakers included
Jerry Asp from Tahltan Nation who shared his experience with
his community that had a 98% unemployment rate that went to
0% unemployment rate. Denyse Sutherland from Bear Vision
shared how to maximize opportunities when negotiating your
IBA. Other guest speakers included Randall Bartlett from TD
Bank, Chief Cornelius Wabasse from Webequie First Nation,
Nancy Wood from Kimesskanemenow, George Darling VP
of Aboriginal Affairs from SNC Lavalin, Vern Cheechoo from
Mushkegowuk Tribal Council, Glenn Nolan VP of Aboriginal
Affairs from Noront, and Tracy Wright from the CEAA. Derek
Fox informed our participants about the recent Supreme
Court of Canada decisions and how they would affect business
development in Northern Ontario. Chris Angeconeb shared
Lac Seul’s success on how their companies are working with
other First Nations for benefits for all parties involved. The
Mining Ready Summit had breakout sessions facilitated by
Grant Thorton and Efficiency.ca. The breakout sessions were
to promote discussion on recent CRA jurisprudence and how to
secure contracts and financing for business opportunities.
Please visit our website at www.nadfevents.org for event
updates, speaker information, presentations, dates and locations
on our next event.
Forestry Expo 2015
With upswing in forestry and changing roles of First Nations in
forestry, Nishnawbe Aski Development Fund wanted to enhance
the economic growth in Forestry in Northern Ontario by hosting
a Forestry event. With support the planning committee NADF
is proud to present the first Annual Forestry Expo to be held
April 22nd and 23rd, 2015 in Thunder Bay, Ontario. The
Forestry Expo will include a large indoor and outdoor trade show
along with a 2 day conference. The conference is designed to
inform and update participants of the changes and innovations
in Forestry. It will also provide an opportunity to build
partnerships, establish and strengthen relationships amongst
the forest industry, government, and with the Aboriginal
Communities.
Resource Development Support
to First Nation Communities
This past year the SIA has been called upon to provide
resource support to First Nation communities with guiding
and developing their agreements and training programs with
resource developers. Also, the SIA provides support and advice
in negotiations and provides information in fields of mining and
forestry. Assistance has been given in facilitating relationships
between resource developers and First Nations communities and
also coordinating and facilitating projects amongst communities.
Nishnawbe Aski Development Fund is recognized as a lead
with non-Aboriginal businesses and organizations and we are
continually being approached with new collaborations. We are
looking forward to working with our partners and developing
new relationships to ensure our clients and communities have
access to the best possible resources.
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 15
Nishnawbe Maajijikaywin
Dan Paradis, Senior Project Manager
Mino-pimatasiwin – “the
Good Life”. What does
this concept mean within
the context of community
economic development
for Nishnawbe people,
families and communities?
What does it mean within
the context of emerging
developments in the Ring
of Fire area of northern
Ontario?
How do we stimulate and
support the development of
a Nishnawbe economy that
fully integrates (i.e. makes
whole) the values, principles
and practices that define what it means to be Nishnawbe?
How do we support the creation of new businesses in a way that
improves the overall well-being and prosperity of people? How
do we recognize, foster and create the conditions for success?
Who are the entrepreneurs? How do we best support and
nurture her or him, young or old towards achieving their
dreams?
This is both the challenge and opportunity that lies before
us. This is the opportunity and challenge of Nishnawbe
Maajijikaywin.
Nishnawbe Maajijikaywin – Getting Started
Nishnawbe Maajijikaywin is a three year NADF project with a
focus on providing business development supports to those First
Nations communities in close proximity to the Ring of Fire area
of northern Ontario. The two main goals of the project are to:
1. Increase the number of First Nations businesses; and,
2. Enhance the economic and business development capacity
of First Nations entrepreneurs and communities.
We are attempting to realize these goals through the following
four strategic activity areas:
•
Business Development Capacity – Business Information
Officers (BIOs)
•
Business and Entrepreneurial Development Supports
•
Youth Entrepreneurial Development
•
Comprehensive Community Planning (CCP)
We have a great team of dedicated, caring people who are keen
to work with communities, people and organizations towards
developing a diverse, sustainable economy for the First Nations
Page 16 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
in the Ring of Fire area. The following highlights some of our
great work that has taken place over the last year:
Business Information Officers (BIOs)
The Business Information Officer (BIO) project has entered
into the 2nd year of the project with the focus being on skills
enhancement and business development, financial literacy,
and facilitation/engagement. The skills enhancement and
knowledge transfer opportunities helps prepare the BIOs to
better assist First Nations members to build on the culture of
entrepreneurship.
“This project is a great resource asset for the community,
it involves mentoring the entrepreneur to succeed in their
business ventures from financial literacy to following through to
a business plan. The project has helped me, to get to know what
funding resources are out there that I can apply for if I wanted
to start my own business or if someone wants to access funding
to start a small business. Even help out the EDO with business
proposals and economic planning. What I learn as a BIO is that
there are a lot of resources out there, to help you start up a
business, from accessing funds, to business assessments. All the
information sessions was a great help too.” ~Matthew Sofea,
Business Information Officer, Nibinamik~
In addition to NADF’s weekly BIO presentations involving every
day or practical business the BIOs engaged in Business Planning
Analysis/ Business Counselling Essentials, Comprehensive
Community Planning Workshop and Strategic Partnerships
Initiative (SPI) Proposal and Reporting Development.
“My position as the BIO has given me an opportunity to
experience the many types of business developments, as well as
meeting new people and building relationships with community
members as well as colleagues. From the time I have been
employed in the BIO position I am content to say that it is going
very well. We have had a series of workshops and presentations
and certified 10 woman within the community with their
certificate in Business Plan Training. I am currently assisting 2
more clients in opening up their personal business in Constance
Lake with the support of NADF Micro Lending Program for
Woman. I really enjoy my current position and have learned a
lot. The tools I learned are something that I benefit from daily to
help me complete my daily tasks and accomplish many goals.”
~ Vanessa Ineese, Business Information Officer, Constance Lake
First Nation~
The current participating communities where BIOs are located
are; Nibinamik, Eabametoong, Marten Falls, Constance Lake,
Long Lake #58, Webequie, Neskantaga, Whitesand, Aroland,
and Ginoogaming. The BIOs support to membership helps to
enhance community-level economic development and other
community-based activities that enhance the local economy.
“After acquiring new skills by being part of the BIO project
development, I have the ability to initiate tasks where I can
prepare clients, provide guidance and help build their capacity in
entrepreneurship or simply by directing them to NADF services
or similar services elsewhere.” ~ Michael Whitehead, Business
Information Officer, Eabametoong First Nation~
Youth Entrepreneurship Program
This year the youth program has been busy delivering fun
entrepreneurial related workshops to youth in the north. The
programs “Create a Logo” and “Market your thoughts” which
are delivered to the classrooms are derived from our partnership
with North Claybelt Community Futures. The communities that
participated in these programs were Aroland, Long Lake 58,
Nibinamik and Weagamow Lake.
Development of a First Nations Business Incubator model
that would provide a number of confidential, targeted
supports and mentoring to aspiring entrepreneurs
and/or existing businesses; and
The development of innovative media formats (video,
pictures, radio) to showcase and “tell the story” of a
number of Aboriginal entrepreneurs and businesses.
The start of Comprehensive Community Planning (CCP)
processes in the communities:
In February, we delivered our first Nish Family Enterprise
Weekend event in Neskantaga First Nation. We had 9 families
participate from Eabametoong, Webequie and Neskantaga. This
fun, weekend workshop consisted of some Financial Literacy,
Idea Generation and a Business Planning competition between
the families. Through this event, we created three promotional
videos in which we hired a professional videographer to come
and join us at the workshop. We hope to have more events
like this in the future due to the success and enthusiasm of the
participants.
The busy schedule is an indication of the successful delivery of
the youth program and we look forward to more visits to the
communities.
Comprehensive Community Planning (CCP)
Following our CCP Workshop at the end of March 2015 with
over 120 participants from across NAN, we have been working
closely with communities who are interested in engaging with
Comprehensive Community Planning processes. We are able to
provide technical expertise and process support to communities,
with a strong emphasis on building planning capacity with local
members. A CCP will provide a holistic vision and direction for
communities as they move forward, as well as the tools needed
to make their vision a reality. We look forward to continuing to
build relationships and support community planning!
Looking Forward
The year ahead will be busy with new activities as defined via
our dialogue and collaboration with the communities, Matawa
First Nations Management, Four Rivers and other partners. Some
ideas at the conceptual stage include:
The design and delivery of a number of regional and community
workshops meant to facilitate dialogue regarding what economic
and business development means to Nishnawbe people and
communities;
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 17
Comprehensive Community Planning
Highlights
•
•
•
•
•
Comprehensive Community Planning Workshop
– March 24-26, 2015
- 120 participants from 38 NAN First Nations
- More than 10 speakers from across Canada
Funding to complete NAN specific CCP Handbook
2 Community Planning Training Sessions (Red Lake
and London, ON)
6 Community Visits (Whitesand FN, Eabametoong FN,
Constance Lake FN, Kasabonika FN x2, Webequie FN)
1 Community Strategic Plan (Constance Lake FN)
What is Comprehensive Community Planning (CCP)?
CCP is a holistic community-led process that enables a
community to define their future on their own terms. It looks at
the inter-connectedness of the community and allows members
to build on their traditions of planning. Communities are
empowered to complete the plan themselves (with support from
mentors, etc.) and this ensures that change is actually felt on
the ground. The process is as important as the product. This is a
tried and true approach and methodology that has been widely
successful in First Nations across Canada.
INAC has expressed interest in supporting CCP for First Nations
in northern Ontario. They have indicated that they hope to
replicate the model used in British Columbia (which Melanie
focused on in her master’s degree). As this goes ahead, NADF
would be well positioned to support our NAN communities in
CCP.
CCP Workshop
From March 24 to 26, 2015, NADF hosted a workshop for
NAN First Nations on CCP. This was an opportunity for 2
representatives from each community to gather together,
learn about CCP and community-led approaches to community
Page 18 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
planning, and to build planning capacity. We had 120
participants from 38 NAN communities. Speakers included:
•
•
•
•
•
•
•
•
Jeff Cook (Professor at UBC, Principal of Beringia Community
Planning)
Dana Moraes and Babs Stevens (Representatives from
Skidegate First Nation on Haida Gwaii)
Priscilla Graham (Councilor from AZA First Nation)
Pamela Hubbard (Graphic Facilitator and Planner)
Steven Chapman (Councilor, K.I. First Nation)
Grand Chief Harvey Yesno (NAN)
Anita Fraser (Communications Specialist)
….. and more!
The feedback from this workshop was very positive. The
room was buzzing each day with inspiration and discussion
as communities shifted towards feeling excitement about
completing a CCP themselves.
Outcomes
•
•
•
•
•
•
•
NADF succeeded in putting CCP on the map for northern
Ontario
Melanie has received several invitations to work with
communities on CCP and/or other types of community
planning
Built on planning capacity in communities
Provided communities with many tools and resources to
support their community planning
Empowered participants to feel that they can engage with
community planning – they are the experts on their own
community!
Received funding to complete CCP Handbook specific to
Ontario/NAN
Several communities are now actively pursuing funding to
complete CCPs in their communities
NADF Business Awards
Dawn Willoughby, Executive Assistant
On Thursday, October 30,
2014, NADF hosted the
24th Annual NADF Business
Awards at the Valhalla
Inn in Thunder Bay, ON.
Eight award recipients
were recognized for their
achievements in business
and their contributions to
developing local and regional
economies in Northern
Ontario. Stan Wesley (aka
“Bunnock”) did a stellar job
hosting the event.
1
3
We were honored to have Ovide Mercredi, former Regional Chief
and National Chief of the Assembly of First Nations, attend this
year’s event as our keynote. Mr. Mercredi invited Mr. Samer
F. Slameh, CEO, Axteca Telecom and TotalMovies to share the
podium with him during his keynote. Both had much wisdom
and knowledge to share.
We had 190 guests in attendance and another 122 who joined
in the celebrations through the live radio broadcast on Wawatay
and the live stream on Netnewsledger.
Visit www.nadfevents.org to watch the video.
Next year will mark the 25th Anniversary for the Business
Awards and we look forward to hosting you at this momentous
event. So, mark your calendars and join us on Thursday, October
29, 2015 at the Valhalla Inn.
5
7
6
2
4
1.
Business of the Year
Jason Thompson, Superior
Strategies and Brad Martin,
President/CEO, Bearskin
2. Executive of the Year
Darlene Angeconeb, A/Executive
Director Equay-Wuk (Women’s
Group) and Arlene Jung,
NADF Chair
3. Building Communities
Derek Chum, President of the
Board of Directors, Moose Cree
Group of Companies and Travis
Boissoneau, Neegani Investment
Mgmt Inc.
4. New Business of the Year
Stanley Bluecoat, Sunset Lodges
Bed and Breakfast
8
5.
6.
7.
8.
9.
Businesswoman of the Year
Josee Racicot, Kokom’s Bannock
Shack and Arlene Jung,
Board Chair
Partnership of the Year
Joe and Linda Fiddler,
Sandy Lake Motel
Youth Entrepreneur of the Year
Matthew Gladu, M2 Carpentry
and Peter Hinz, Senior Policy
Advisor, MNDM
Corporation of the Year
Kitchenuhmaykoosib Inninuwug
Telecom Centre Inc.
Accepted by Bruce Sakakeep,
Kitchenuhmaykoosib Inninuwug
Economic Development Manager
Event Keynotes and Hosts
L-R: Ovide Mercredi, Brian
Davey, Stan Wesley, Arlene Jung,
and Samer Salameh
9
OR
SAVE THE DATE: OCTOBER 29TH, 2015
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 19
Human Resources
Millie Carpenter, Human Resources Manager
It is with pleasure that
I share the Human
Resource’s annual report;
a snapshot of the human
resources’ activities from
Fiscal Year 2015. This year,
Human Resources assisted
with the creation of several
innovative solutions and
services to meet the
organizations needs and
consistent with Human
Resources best practices.
Listed are summaries for the following:
•
•
•
•
Recruitment
Staff Listing
Years of Service
Staff Training
Years of Service
# of EE's < 5 yrs service
31
# of EE’s 5+ - 10 yrs service
1
# of EE's >10 -15 yrs service
7
# of EE's >15 yrs service
2
Total Number of Employees by Gender
Female
26
Male
15
Status Employees Affiliated with
IFNA
8
Keewaytinook Okimakanak
1
Matawa
9
Mushkegowuk
6
Nokiiwin
4
Windigo
4
Unaffiliated
1
Number of Employees in each office
Recruitment Summary for April 2014 - March 2015
Number of postings
14
Number of Positions to be
filled
15
Total New EE’s Hired
10
Internal EE’s new position
1
Total New EE’s: Status Hired
7
Total Non-Status EE’s Hired
3
% of Status Recruitment
70
Number of Resignations
4
Staff Summary April 2014 - March 2015
Total number of Employees
41
Status Employees
33
Non-Status Employees
8
Percentage
Status Employees
80%
Non-Status Employees
20%
Page 20 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
Fort William First Nation
4
Thunder Bay
32
Timmins
4
First Nation (BIOs)
1
Number of Employees in each department
Administrative/Finance
11
Aboriginal Business
Contribution Program
3
Loans
9
Northern Ontario
Development Program
17
First Nation (BIOs)
1
NADF offered a variety of training and development
opportunities this year. A total of 11 comprehensive
workshops/conferences were attended by the staff and the
board of directors this year. Some of the training programs
offered this year and attended were:
•
•
•
•
•
Board of Director’s training
Management Enhanced Training
Managing Conflict in the Workplace
Toastmasters
Acadia Training for Business Analysis training and Business
counselling.
Finance & Administration
Mari Bishop, CPA, CA, Finance Manager
Four years into its fresh start
accounting Nishnawbe Aski
Development Fund (NADF)
continues to show strong
potential in its financial
performance. Loan loss
provisions continue below
historical averages, while
the operating deficit has
been contained to about 1%
of revenues. We recognize
the necessity to continue
to build on this strong
performance, to ensure that
NADF will be a sustainable
financial organization over the coming years, serving our clients
in business and economic development as we strive towards our
vision of Aboriginal prosperity.
Salaries and benefits for program staff continue to comprise
over 60% of program costs (excluding equity disbursements).
This highlights the fact that qualified and competent staff are
essential to delivering our varied business development services,
and loan products. 98% of our training costs were funded,
including 79% funding accessed through annual stand-alone
funding applications. Travel and marketing costs are additional
key program costs, allowing us to connect with our clients to
deliver the best service possible. These key program costs
account for nearly 80% of overall program costs (excluding
equity disbursements).
NADF’s loan interest has been increasing over the years. The ten
year average loan interest revenue is $220,000, and the five year
average loan interest revenue is $250,000. This is consistent
with a decrease in average annual loan loss provisions. The
ten year average loan loss provision expense is $67,000, and
the five year average loan loss provision expense is $40,000.
Disbursement of business loans was the foundation on which
NADF is built, and will continue to be a strong indicator of
successful delivery of our services.
Ontario through business and economic development.
Towards this end NADF administers a number of programs
and projects related to business and economic development in
addition to its loan operations. These programs are intended
to be complementary, and to contribute towards NADF core
costs.
As required under its incorporating by-laws and various
funding agreements, NADF’s financial statements are audited
each year by an external public accounting firm. Management
is responsible for the preparation and presentation of the
financial statements, including responsibility for significant
accounting judgments and estimates and internal controls.
The responsibility of the external auditors, MNP LLP, is to
express an opinion on the financial statements based on
their audit. MNP LLP have concluded that in their opinion
the consolidated financial statements for Nishnawbe Aski
Development Fund present fairly, in all material respects, the
financial position of NADF as at March 31, 2015 and the results
of its operations and surplus (deficit) and cash flow for the
year then ended, in accordance with Canadian accounting
standards for not-for-profit organizations. This is known
as a ‘clean’ audit opinion. NADF has received a clean audit
opinion in each year of its operations. This provides users of
the financial statements with assurance regarding the fair
presentation of NADF’s operations in the financial statements.
The following excerpts from the consolidated financial
statements for the fiscal year ending March 31, 2015 present
the results of operations for the year, and the financial
position at the year end. The complete audited financial
statements are available at our head office.
NADF’s cumulative consolidated deficit is $150,582. The
business improvement plan envisioned in the business
operations review of fiscal 2010 is reviewed regularly as our
focus remains on being a sustainable organization with the
continued capacity to support Aboriginal entrepreneurship
and advance the well-being of Aboriginal people in northern
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 21
Management Responsibilities
Management's Responsibility
To the Members and Board of Directors of Nishnawbe Aski Development Fund:
Management is responsible for the preparation and presentation of the accompanying consolidated financial statements, including
responsibility for significant accounting judgments and estimates in accordance with Canadian accounting standards for not-for-profit
organizations. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the
measurement of transactions in which objective judgment is required.
In discharging its responsibilities for the integrity and fairness of the consolidated financial statements, management designs and
maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are
authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of
consolidated financial statements.
The Board of Directors is composed entirely of Directors who are neither management nor employees of the Organization. The Board is
responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial
information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by
management and discussing relevant matters with management and external auditors. The Board is also responsible for recommending
the appointment of the Organization's external auditors.
MNP LLP is appointed by the Members of Nishnawbe Aski Development Fund to audit the consolidated financial statements and report
directly to them; their report follows. The external auditors have full and free access to, and meet periodically with management to
discuss their audit findings.
June 30, 2015
Executive Director
Page 22 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
Auditor’s Report
Independent Auditors' Report
To the Members and Board of Directors of Nishnawbe Aski Development Fund:
We have audited the accompanying consolidated financial statements of Nishnawbe Aski Development Fund which comprise the
consolidated statement of financial position as at March 31, 2015 and the consolidated statements of operations and surplus (deficit)
and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with
Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to
enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in
accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Nishnawbe Aski
Development Fund as at March 31, 2015 and the results of its operations and surplus (deficit) and cash flows for the year then ended in
accordance with Canadian accounting standards for not-for-profit organizations.
Other matter
The supplementary information contained in the Schedules is presented for the purposes of additional analysis and is not a part of the
basic audited consolidated financial statements. The information in the Schedules was derived from the accounting records tested in
forming an opinion on the consolidated financial statements as a whole.
Thunder Bay, Ontario
June 30, 2015
Chartered Professional Accountants
Licensed Public Accountants
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 23
Consolidated Statement of Financial Position
General
Fund
Sponsorship
Fund
ASSETS
Current
Cash
Marketable securities
Accrued interest receivable (Note 2)
Accounts receivable (Note 3)
Due from other funds
Prepaid expenses
Long-term investments (Note 4)
Loans receivable (Note 5)
Capital assets (Note 6)
790,460
139,829
277,070
24,772
11,526
1,243,657
2,383,725
2,983,586
173,124
-
6,784,092
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 7)
Deferred revenue (Note 8)
Current portion of notes payable (Note 9)
Due to other funds
389,542
129,919
302,467
-
Deferred revenue (Note 8)
Notes payable (Note 9)
821,928
106,626
251,674
-
Approved on behalf of the Board
Director
Page 24 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
16,300
16,300
16,300
6,286,585
(682,721)
-
5,603,864
-
6,784,092
16,300
16,300
1,180,228
SURPLUS
Contributed surplus (Note 10)
Surplus (deficit)
16,300
16,300
Nishnawbe Aski Development Fund
Consolidated Statement of Financial Position
As at March 31, 2015
ASD
Fund
Neegani
Fund
1,369,018
74,377
6,641
-
307,246
815
4,105
1,450,036
9,124
312,166
1,089,262
217
1,459,160
1,465,275
2,277
1,467,552
6,847
1,474,399
-
2015
2014
3,960,049
152,715
404,614
48,528
15,631
2,733,513
28,950
121,817
2,643,108
547,805
11,871
16,645
1,506,211
1,288,164
-
4,581,537
3,472,987
4,271,750
199,110
6,087,064
3,137,347
3,297,894
228,289
1,401,645
69,812
2,794,375
12,525,384
12,750,594
3,157
28
14,121
4,114
1,299
1,873,394
152,638
302,467
48,528
1,831,701
194,786
138,055
547,805
6,887
2,377,027
125,328
251,674
2,712,347
141,898
112,032
6,887
2,754,029
2,966,277
-
-
3,185
113
-
CFDC
Investment
Fund
1,493,325
12,886
-
-
-
-
3,298
(15,239)
1,303,552
94,795
(15,239)
1,459,160
CFDC
Operating
Fund
53,167
53,167
42,940
61,175
11,742
72,917
-
-
-
5,588
(3,105)
2,331,800
455,688
9,921,937
(150,582)
9,913,944
(129,627)
1,398,347
(3,105)
2,787,488
9,771,355
9,784,317
1,401,645
69,812
2,794,375
12,525,384
12,750,594
Director
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 25
Consolidated Statement of Operations
Schedule
General Fund
1
Loan Operations
2
National Aboriginal Capital Corporation Association Services
3
Nishnawbe Aski Development Fund Business Awards
4
Indian and Northern Affairs Canada (INAC) Programs
5
Mining and Forestry Projects
7
Youth Entrepreneurship Program
8
Nishnawbe Majijikaywin
9
Other Projects
Sponsorship Fund
10
Sponsorship Fund
ASD Fund
11
Alternative Service Delivery (INAC)
Neegani Fund
12
Neegani Investment Management Inc.
Community Futures Development Corporation Operating Fund
13
Community Futures Development Corporation Operating Fund
Community Futures Development Corporation Investment Fund
14
Community Futures Development Corporation Investment Fund
Page 26 | Nishnawbe Aski Development Fund | 2014/2015 Annual Report
Nishnawbe Aski Development Fund
Consolidated Statement of Operations and Surplus (Deficit)
For the year ended March 31, 2015
Surplus
(Deficit)
Beginning
of Year
Revenue
for the
Year
Expenditures
for the
Year
(546,906)
(6,593)
40,027
(264)
(8,217)
575,397
105,887
53,885
250,342
120,237
1,246,017
203,505
645,002
105,887
53,885
260,342
113,792
1,323,925
213,205
(521,953)
2,555,270
2,716,038
-
28,533
28,533
-
1,481,567
1,496,806
56,681
68,472
30,358
(2,749)
306,131
306,487
127,189
9,895
4,567,162
4,588,117
338,394
(129,627)
Surplus
(Deficit)
for the Year
-
Interfund
Transfers
(69,605)
(10,000)
6,445
(77,908)
(9,700)
-
(95,437)
10,000
77,908
7,529
Surplus
(Deficit)
End of
Year
(711,948)
(6,593)
46,472
(264)
(10,388)
(160,768)
-
(682,721)
-
-
-
(15,239)
-
(15,239)
38,114
-
94,795
-
(3,105)
(356)
117,294
-
455,688
(20,955)
-
(150,582)
Nishnawbe Aski Development Fund | 2014/2015 Annual Report | Page 27
ANNUAL REPORT
2014-2015
OFFICE LOCATIONS
Head Office
Thunder Bay
Timmins
100 Anemki Drive
106 Centennial Square
273 Third Avenue
2nd Floor
Suite 203
Thunder Bay, ON
Timmins, ON
P7J 1J4
P7E 1H3
P4N 1E2
Tel: (807) 623-5397
Tel: (807) 623-5397
Tel: (705) 268-3940
Toll Free: 1-800-465-6821
Fax: (705) 268-4034
Suite 107
Fort William First Nation, ON
Fax: (807) 623-3746
Fax: (807) 622-8271
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